Can I trust some Internet company to appraise the value of my home in Ascot Woods?
Zillow is a billion-dollar website that "gives" computerized estimates that purport to figure the value of every property in the United States. Zillow tries to achieve this this task by using a complicated program that crossreferences factors which impact property values, but here's a typical story I have heard from property sellers in Northern Virginia:
Our home was recently appraised for 650K. Zillow estimates the value at 521K. The estimate makes us one of the lowest priced homes in the subdivision. We have all upgrades in our home and it is the largest of the homes that were originally built in this subdivision. It was appraised at 750K before 2009. Our home has a basement. Neighbors do not have basement on one side and you appraised higher. Really? -- James E. - Fort Hunt
If you research the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless complaints by upset homeowners and leery property shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Ascot Woods claim that Zillow's valuations have a margin of error of around 20%. Even if we assume the margin of error is only 10%, in Northern Virginia that means a "z-estimate" is only within $50,000 of the actual value. If the margin of error is an improbable 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow still remains popular with some real estate shoppers. Home sellers and property purchasers should understand that there is not a single community in Ascot Woods where either a bank or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take "valuations" from any online site with a grain of salt. Putting too much trust into a computer can cause a lot of disappointment.
Phone one of our agents today for a free comparative market analysis of your property's value. We promise that a website won't set the market value. Instead, your friendly neighborhood Nesbitt Realty expert will measure the complicated variables which make up your property's market value.
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7 Reasons Why Zillow Estimates Are Inaccurate
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